Swiss to start taxing Brits?

The British and Swiss governments are about to negotiate a “withholding” tax to be levied on Brits with money in Swiss bank accounts.

The UK and Switzerland signed a joint declaration last October to start working towards sharing information on tax issues. The withholding tax would require Swiss banks to collect a percentage of the tax due on the interest earned in their accounts, on behalf of HMRC.  It’s estimated that the tax could net the Treasury between £3bn to £6bn within a couple of years.  The likely tax rate on the Swiss bank accounts is rumoured to be between 25% and 35%.  This is yet more evidence, if any were needed, of how the tax haven world is shrinking fast.

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